One small Colorado newspaper was sold for an undisclosed amount Monday, and the selling price of one large newspaper purchased last month by a Colorado company was disclosed.
Cincinnati-based E.W. Scripps, owner of the Rocky Mountain News and Boulder Daily Camera, acquired the Colorado Daily in Boulder for an undisclosed amount, a source said Monday ahead of an official announcement expected today.
The Colorado Daily, a feisty competitor to the Camera, has engineered a turnaround since publisher Randy Miller purchased the company out of bankruptcy for about $2.4 million in 2001. The free daily, already popular among University of Colorado students, has made inroads into a broader readership base in Boulder.
Denver-based ap, owner of The Denver Post, also revealed Monday in a securities filing that it paid $25 million in August in a three- way deal to acquire the editorial assets of the Detroit News and a 5 percent interest in the joint operating agreement between the News and the Detroit Free Press.
Gannett Corp. swapped its ownership in the Detroit News with Knight Ridder for control of the Detroit Free Press. Media News picked up the News in the swap, and Knight Ridder exited Detroit.
As part of the deal, Media News is to receive priority payments from the Detroit JOA starting at $5 million a year and gradually decreasing to $1.9 million as reimbursement for its editorial costs.
MediaNews also restated financial information for the four fiscal years ending June 30, 2004, shaving $2.6 million off net income during that period. MediaNews reported that it incorrectly treated as nontaxable certain asset sales and purchases and didn’t provide for deferred income-tax expense.
The restatement had no impact on the reported amounts of net cash flows, but Media News said previous financial reports between its fiscal 2001 and 2004 years could not be relied on.
Staff writer Aldo Svaldi can be reached at 303-820-1410 or asvaldi@denverpost.com.
